In an interview with The Associated Press quote by IDEX Online, De Beers Group CEO Bruce Cleaver commented that millennials “are still purchasing diamond jewelry” though they buy smaller pieces as they are on average less affluent than their parents were at the same age.
“We find that they self-purchase more than their parents did and that’s quite an interesting opportunity because there was a time when pretty much all diamond purchases were men buying for women. We also find that purchase decisions are much more joint decisions when they’re a couple”, Cleaver said. Accordingly, De Beers has adapted some of its adverts to show that purchasing is a joint decision: “It’s actually a two-stone ring and the two stones are exactly the same size. That is very important because it symbolizes equality in the relationship”.
Cleaver also remarked on the market demand for diamonds in the major markets: the US currently accounts for about 45% of global diamond jewelry demand; then China and Hong Kong (16%), India (8%) and Japan (5%).
As for types of diamonds bought in various markets, Cleaver said: “China in general consumes better-quality diamonds and is brand conscious. The US, being the enormous market that it is, just about consumes anything that gets offered for sale across the whole value chain. India is generally very small diamonds, lots and lots of very small diamonds. In America, repeat purchasing is a big thing. Once people have bought more than one piece of diamond jewelry in America, they on average buy six pieces over their life”.
